Lawyer to file complaint against Belgian speculation tax

Belgian daily business newspaper L’Echo has reported lawyer Anton van Zantbeek will file a complaint to Belgium’s constitutional court for the annulment of the law over Belgian speculation tax, implemented at the start of 2016.

The tax is applied to both resident and non-resident taxpayers on the capital gains they have realised on quoted shares, options and warrants or other financial instruments which have been acquired for consideration less than six months before the alienation for consideration.

Since 1 January 2017, Belgian investors who speculate on securities through a foreign broker have been added into the scope of the law.

van Zantbeek termed the extension of the speculation tax to Belgian investors’ foreign accounts as unconstitutional and contrary to the laws ruling free movement of capital and freedom to provide services in the European Union.

L’Echo recalled the tax that applies for quoted shares amounts to 0.27% of the transaction amount, both for purchase and sales acts. The Belgian government expects additional revenues of some €46m through its speculation tax.

ABOUT THE AUTHOR
Adrien Paredes-Vanheule
Adrien Paredes-Vanheule is French-Speaking Europe Correspondent for InvestmentEurope, covering France, Belgium, Geneva and Monaco. Prior to joining InvestmentEurope, he spent almost five years writing for various publications in Monaco, primarily as a criminal and financial court reporter. Before that, he worked for newspapers and radio stations in France, in particular in Lyon.

Read more from Adrien Paredes-Vanheule

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